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The Sky is Falling The Sky is Falling
10/07/08 14:03 , Categories: News, Commentary, Political, Breaking News , Tags: bailout bill, cover-up, markets, spending bills, stocks Yes I guess some could say the sky has fallen. This Bailout / Cover-up bill or as Michelle Malkin puts it Crap Sandwich 2.0 has wrecked the markets this week.
Calm down, take a breath, all is not completely lost YET.
As is true with gains in the markets, you have not sustained a gain or suffered a loss until you sell. So if you can, do not sell. As a matter of fact I am buying, cautiously, carefully and only buying stocks I really know and trust. But the prices are great.
Your 401K or your IRA has not lost all of it's value unless you cash out. Weather the storm, hunker down, seek good solid advice. I would suggest that you seek council with the investment arm of Wells Fargo Bank or The Motley Fool.
I am not supported by either of them!
Wells Fargo is a good call as they were smart enough to stay away from this Subprime Mortgage, Fannie Mae, Freddie Mac, Democrat affordable housing mess. The Motely Fool, well these guys do not believe in short term investing. Short term investing is just chasing the next hot stock, or as I have heard it referred to Legalized Gambling. You have to invest for the long term, buy in on dips and try not to pay too much attention, i.e. do not become obsessed with the day to day market swings.
Calm yourselves and get ready for November. Remember who in the House and Senate voted for the Bailout / Cover-up bill. Remember all spending bills must orginate in the U.S. House of Representatives. Also keep in mind that there must be at least a 60 / 40 split in the Senate to prevent a philibuster.
Do not loose heart, vote the incumbents out that voted for this bailout.
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